Signal Advisors Wealth LLC Invests $1.31 Million in AutoZone, Inc. $AZO

Signal Advisors Wealth LLC purchased a new stake in AutoZone, Inc. (NYSE:AZO) in the 1st quarter, Holdings Channel reports. The fund purchased 389 shares of the company’s stock, valued at approximately $1,314,000.

A number of other institutional investors have also recently modified their holdings of AZO. Banco Bilbao Vizcaya Argentaria S.A. increased its holdings in shares of AutoZone by 6.6% in the 3rd quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 4,966 shares of the company’s stock valued at $21,315,000 after purchasing an additional 306 shares in the last quarter. Numerai GP LLC boosted its holdings in AutoZone by 1,199.3% during the third quarter. Numerai GP LLC now owns 1,754 shares of the company’s stock worth $7,525,000 after buying an additional 1,619 shares in the last quarter. Jupiter Asset Management Ltd. purchased a new stake in AutoZone during the fourth quarter worth about $1,808,000. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund grew its position in AutoZone by 15.2% during the fourth quarter. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund now owns 14,224 shares of the company’s stock worth $48,241,000 after buying an additional 1,882 shares during the period. Finally, CIBC Asset Management Inc grew its position in AutoZone by 67.1% during the fourth quarter. CIBC Asset Management Inc now owns 3,941 shares of the company’s stock worth $13,366,000 after buying an additional 1,582 shares during the period. 92.74% of the stock is currently owned by hedge funds and other institutional investors.

AutoZone Trading Up 3.5%

Shares of AZO opened at $3,053.13 on Wednesday. The stock has a market cap of $49.86 billion, a P/E ratio of 20.99, a PEG ratio of 1.50 and a beta of 0.35. The company has a 50-day moving average of $3,314.25 and a two-hundred day moving average of $3,469.57. AutoZone, Inc. has a 12-month low of $2,928.11 and a 12-month high of $4,388.11.

AutoZone (NYSE:AZO) last announced its quarterly earnings results on Tuesday, May 26th. The company reported $38.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $36.22 by $1.85. The company had revenue of $4.84 billion for the quarter, compared to the consensus estimate of $4.86 billion. AutoZone had a net margin of 12.40% and a negative return on equity of 80.35%. The company’s revenue for the quarter was up 8.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $35.36 earnings per share. As a group, analysts forecast that AutoZone, Inc. will post 150.51 EPS for the current fiscal year.

AutoZone announced that its Board of Directors has initiated a stock buyback plan on Tuesday, June 16th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

AZO has been the subject of a number of research reports. Citigroup reduced their price target on shares of AutoZone from $4,300.00 to $3,700.00 and set a “buy” rating for the company in a research report on Wednesday, May 27th. Robert W. Baird lowered their price target on AutoZone from $3,900.00 to $3,600.00 and set a “neutral” rating on the stock in a report on Wednesday, May 27th. Morgan Stanley dropped their price objective on AutoZone from $4,020.00 to $3,605.00 and set an “overweight” rating for the company in a research note on Wednesday, May 27th. Truist Financial set a $3,700.00 price objective on AutoZone in a report on Wednesday, May 27th. Finally, Oppenheimer reiterated an “outperform” rating and set a $4,300.00 target price (up from $4,150.00) on shares of AutoZone in a research report on Tuesday, March 10th. One research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $4,040.87.

Insider Activity at AutoZone

In related news, Director Brian Hannasch bought 165 shares of the stock in a transaction on Friday, May 29th. The shares were purchased at an average price of $2,987.00 per share, for a total transaction of $492,855.00. Following the acquisition, the director owned 1,219 shares in the company, valued at $3,641,153. This represents a 15.65% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Earl G. Graves, Jr. sold 50 shares of the firm’s stock in a transaction on Friday, April 10th. The stock was sold at an average price of $3,478.72, for a total value of $173,936.00. Following the transaction, the director directly owned 4,837 shares of the company’s stock, valued at $16,826,568.64. The trade was a 1.02% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 2.60% of the company’s stock.

AutoZone Company Profile

AutoZone, Inc (NYSE: AZO) is a retailer and distributor of automotive replacement parts and accessories. Headquartered in Memphis, Tennessee, the company supplies a wide range of aftermarket components, maintenance items and accessories for passenger cars, light trucks and commercial vehicles. Its product assortment includes engine parts, electrical components, batteries, brakes, filters, fluids and interior and exterior accessories, supported by inventory management and logistics systems to serve retail customers and professional service providers.

AutoZone serves both do‑it‑yourself (DIY) consumers and commercial customers such as independent repair shops and service centers.